Need Help! - Loan Modification Forum

Whittney · 01-12-2009, 08:18 AM

Hi,
I am sad to say that although 4 months ago Countrywide agreed to work with us on the delinquent mortgage. The agreement was that we would pay 4 months in a row a rather inflated payment that included escrow and some back payments (Sept - December). Then, they would modify the loan. The agreement was made in good faith. After paying the 1st 2 payments, I lost my job during Oct...my husband lost his job at the same time. So we have not completed that agreement and I have not called them as I thought I would get another job quickly -- at least in time to make the December payment..but now it is January

. I know I am in trouble and will be calling them today or tomorrow with the bearer of bad news. Can anyone give me some words of wisdom as to what I may be expecting? I know it was stupid for me not to call..thanks.

Dan Bailey · 01-12-2009, 08:26 AM

Whittney,
All you can do is call and find out really. Have you contacted NACA? What they put you in first wasnt a modification...it was a repayment plan.
The normal channels (collections dept) hand out the repayment plans like candy because they end up making more money anyway with the interest.
Hang in there and good luck!

Gracetowne · 01-12-2009, 09:12 AM

Dan - What is NACA, and what is their contact number?
Grace

gray517 · 01-12-2009, 09:38 AM

Neighborhood assistance corporation of america, they fight predatory lending and help people either get good mortgages or they do restructures (modifications) thier home save program helped us get an affordable payment and lower rate. there is no fee for their home save program.

https://www.naca.com/refinance/refin....jsp?menu=refi

01-12-2009, 08:18 AM	#1 (permalink)
Whittney Member Join Date: Jul 2008 Posts: 8	Need Help! Hi, I am sad to say that although 4 months ago Countrywide agreed to work with us on the delinquent mortgage. The agreement was that we would pay 4 months in a row a rather inflated payment that included escrow and some back payments (Sept - December). Then, they would modify the loan. The agreement was made in good faith. After paying the 1st 2 payments, I lost my job during Oct...my husband lost his job at the same time. So we have not completed that agreement and I have not called them as I thought I would get another job quickly -- at least in time to make the December payment..but now it is January. I know I am in trouble and will be calling them today or tomorrow with the bearer of bad news. Can anyone give me some words of wisdom as to what I may be expecting? I know it was stupid for me not to call..thanks.

01-12-2009, 08:26 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407	Re: Need Help! Whittney, All you can do is call and find out really. Have you contacted NACA? What they put you in first wasnt a modification...it was a repayment plan. The normal channels (collections dept) hand out the repayment plans like candy because they end up making more money anyway with the interest. Hang in there and good luck! __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

01-12-2009, 09:12 AM	#3 (permalink)
Gracetowne Junior Member Join Date: Sep 2008 Posts: 4	Re: Need Help! Dan - What is NACA, and what is their contact number? Grace

01-12-2009, 09:38 AM	#4 (permalink)
gray517 Senior Member Join Date: Nov 2008 Location: Florida Posts: 627	Re: Need Help! Neighborhood assistance corporation of america, they fight predatory lending and help people either get good mortgages or they do restructures (modifications) thier home save program helped us get an affordable payment and lower rate. there is no fee for their home save program. https://www.naca.com/refinance/refin....jsp?menu=refi

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